MADRID, April 8 (Reuters) - Cosmetics group Puig, owner

of brands such as Carolina Herrera, Rabanne and Charlotte

Tilbury, announced on Monday plans to raise more than 2.5

billion euros ($2.71 billion) in Spain's largest initial public

offering in almost a decade.

The family-owned company aims to sell 1.25 billion euros of

new shares and an even larger amount of existing stock through

the IPO, according to a deal term sheet seen by Reuters.

It would be the biggest listing in Spain since airport

operator AENA made its debut in February 2015.

Puig said a public listing would align its corporate

structure with that of other businesses in the premium beauty

sector.

"We believe that the balance of being a family-owned company

that is also subject to market accountability will allow us to

better compete in the international beauty market during the

next phase of the company's development," Chairman and Chief

Executive Marc Puig said in a statement.

The Puig family will retain a majority stake and the vast

majority of the voting rights of the company, the term sheet

showed.

The fashion and fragrance company controls 11% of the global

high-end fragrance market. With recent acquisitions its

exclusive skincare and makeup brands sold 4.3 billion euros of

products last year, up 19% from 2022.

The company said it will use the proceeds from the IPO to

refinance recent acquisitions of additional ownership in the

prestige fragrance label Byredo and Charlotte Tilbury brands. It

will also help finance future strategic investments, according

to the document.

The Barcelona-based company said it expects to expand its

presence in Asia Pacific and in the skincare wellness

categories.

The IPO market has been muted for two years globally and in

Spain amid economic and geopolitical uncertainty.

With interest rates poised to come down, bankers are now

hoping for a listings revival amid high stock prices.

A string of European IPOs this year has produced mixed

results. Companies such as Swiss skincare group Galderma

and defence contractor Renk soared after

their market debuts but perfume retailer Douglas

continues to trade below its IPO price.

Spanish travel technology firm Hotelbeds is considering going

public as soon as the first half of this year if market

conditions allow, sources have told Reuters.

However, Spanish privately owned logistics group Berge last

week dropped plans to list shares in its automotive unit Astara,

saying market conditions are not the most appropriate.

The most recent market debut on the Spanish stock market was

from Spanish renewable company Opdenergy in July of

2022.

($1 = 0.9238 euros)